With this initiative, the companies will develop Open Banking based applications in a bid to find a solution for financial capability issues.
Seven companies from amongst 50 have been selected for the challenge and categorized into three categories. They include Openwrks and Ducit.ai (income and expenditure), Trezeo and Flow (income smoothing) and Toucan, Squad and Tully (money management & help).
According to Nationwide, the programme involves 2 paths- the ‘Explore and Develop’ and the ‘Accelerator’. The first path aims to provide the fintechs with an ideation phase followed by the 6 months long second path which further develops and builds out the solutions to reach scalability and sustainability.
Apart from Nationwide, the startups will be able to draw on expertise from Money Advice Trust, Citizens Advice, The Money Charity, Money and Mental Health Policy Institute, Accenture, Doteveryone and Nesta.
Nationwide is a UK based savings and mortgage provider along with current accounts, credit cards, ISAs and personal loans.
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